All Forum Posts by: Alain Defrance

In my calendar for 23rd, I'll try to make it work, thanks for sharing!

Thanks for organizing it! Going to miss this one but I would love joining on the next ones if any.

I would love chatting on zoom, I am based in Seattle and I am just starting to invest in the OKC area (currently under contract for my first property).

I would love joining an existing remote group if you find one or simple chat with you.

No unfortunately I won't. The location is too far from my wife's work. Also, I haven't reached the 1 year mark for my personal residence mortgage. I think I'm going to have to pass on this one :/

@Frank Hinck Thank you! Yeah I totally included the building costs for the extra unit in my computation.

That said, Thanks for the hint about checking ADU rules. In this county it is allowed if the owner live in one of the unit (which won't be the case) so it is a no deal.

Hey guys,

I have a potential duplex in the Seattle area (so fairly appreciating) that I consider doing an offer with these numbers:

PURCHASE PRICE: $350,000
Purchase Closing Costs $8,000.00
Estimated Repairs $0.00
Total Project Cost $358,000.00
After Repair Value $350,000.00
Down Payment $87,500.00
Loan Amount $262,500.00
Loan Points $0.00
Amortized Over 30 years
Loan Interest Rate 5.000%
Monthly P&I $1,409.16
Total Cash Needed $95,500.00

MONTHLY INCOME: $2,500.00
MONTHLY EXPENSES: $2,365.16
MONTHLY CASHFLOW: $134.84
CASH ON CASH ROI: 1.69%
PURCHASE CAP RATE: 5.29%

This property could be converted into a triplex with a garage turned into an unit with full rent price but this is numbers as a duplex.

Cash on cash is really low but as a triplex I get a bit over 8% ROI which is I find pretty impressing in a market like Seattle, any thoughts?

I just had a chat with Kiera today, it definitely seems to be aligned with what I am looking for, thanks everybody.

@Jason Gilmore Thanks for taking that call and willing to answer my questions, I really appreciate it!

@Horton M. Thank you and yes totally, I have found an overwhelming amount of great feedback about them here and I am currently in contact with @Alyssa Dyer and should have a chat Kiera later this week.

Hey BP,

I just wanted to say hi and introduce myself to this pretty awesome community.

My name is Alain, born in France a moved to the USA 7 years ago. I've been looking for starting my real estate investing journey for a little while and I never pulled the trigger for various reasons (that are mostly excuses like many of us).

I have spent, still spending and probably will continue to spend an excessive amount of time analyzing deals.

At this point I have narrowed my search to the OKC area (73115, 73130, 73110) for long distance investment for cashflow. I am seeking for creating a local network and to close my first rental deal in the following months (assuming I find something that makes sense for me of course).

Thanks to everybody in this community, BP greatly contribute to make real estate investment a lot more accessible and this is incredible.

PS: I have obviously a lot to learn but if anybody is seeking to get into a fairly appreciating market and consider Seattle as a place to be I will be more than happy to connect and have a chat with you.

Hey BP!

I was wondering if anybody here had worked with https://www.virtualrealestateteam.com/ in the OKC area.

I had a short zoom with Joe Pryor this morning, they are definitely a turnkey company working with new construction and while I completely understand the the benefits of these deals being completely hands off it is not necessarily my targeted investment type. I have also run numbers on some of their available properties out of curiosity and I cannot find anything greater than 2.23% COCR.

That said as a rookie currently building my network for long distance rental investing I am eager to get in touch with local people and very open to get advice and recommendation, I am just careful about who I get these insights from and respective interests.

Any thoughts?